The SelfKey cryptocurrency project is a decentralized service for identifying the user’s identity, where users can fully manage their personal information. The technical component of the SelfKey platform almost exactly copies the technology of the popular CIVIC service. SelfKey has several features and software solutions, which allow this project to stand out from its competitors, offering users wider functionality.
General information about Selfkey
The SelfKey crypto project is created by the programmers of the KYC Chain company. It has been providing KYC services to various commercial structures since 2013. This company also works closely with some cryptocurrency exchange platforms. It helps the developers of the Selfkey coin to promote it and popularize it among users.
Most of the Internet resources involved in assessing the success of the ICO gave the SelfKey project an above-average rating. This fact confirms the presence of serious interest from users in this project, which should support its further growth.
According to insider information, the KEY coin is not yet able to bring profit to its initial investors. True, if the situation in the cryptocurrency market changes, there is a possibility that a situation will arise when this coin will be able to bring tangible profits to its holders.
Features and characteristics of SelfKey
The creators of this cryptocurrency project during its development focused on the fact that the modern system for storing user information has serious vulnerabilities. Due to frequent hacker attacks on centralized services for storing personal user information, the personal information of many people ends up in the hands of fraudsters.
The authors of the coin also emphasize the fact of the complex structure of the circulation of documents. Due to the multi-level system of verification and confirmation of a person’s identity, when receiving the necessary services, there is a loss of a precious resource in the form of time.
To solve this problem, SelfKey offers users the opportunity to use a special platform with a digital personal identifier, working based on blockchain technology.
To provide users with basic functions, the internal structure of SelfKey was divided into three categories of participants:
- ordinary users whose personal information is stored inside the cryptosystem. These users can be both ordinary people and commercial organizations;
- special certifying services that check the relevance and correctness of the information and its compliance with the data. Such services may include not only government organizations but also non-state structures;
- companies and various organizations that offer several specific services when requesting information for its subsequent provision.
For all categories of participants in the crypto network, the SelfKey platform offers several advantages and functional digital tools. Ordinary users can only use a special internal digital wallet of the platform to obtain the necessary information.
Certification services receive a higher level of storage of user information. It almost completely excludes the possibility of access to it by third parties.
Trust services are special services with the orientation of the security system of the SelfKey site. Such services may include, among other things, government agencies that provide services to people for registration of citizenship status, utilities, air carriers, banks, and retail chains.
Specific services can issue certificates to users confirming the fact that the entered information is correct. At the same time, personal constituent documents will be stored inside the Selfkey blockchain structure.
It will be useful to know that mining of SelfKey is impossible. It is due to the technical specifics and software structure of this coin.
Advantages of SelfKey
The main advantages of the SelfKey project include the following factors:
- use of a decentralized structure for storing information, which ensures reliability and security;
- ensuring complete confidentiality, which guarantees users that their personal information does not fall into the hands of third parties;
- the use of an algorithm for optimizing digital workflow, which helps to get rid of the need to waste time collecting the necessary supporting documentation for its provision to the relevant services and government agencies;
- limited access, ensuring the provision of the information the user needs without collecting additional references and documents.
The prospect of a cryptocurrency will depend on the listed positive characteristics of this project. It will also depend on the success of promoting and popularizing the tools of this cryptocurrency platform.
Disadvantages of SelfKey
The Selfkey cryptocurrency has, in addition to its advantages, some disadvantages, which is characteristic of all crypto coins.
The main negative aspects of this coin include:
- strong dependence of the site on third-party services that provide certification services for the information entered. It leads to the fact that the platform works on a similar principle to modern services, the only factor that accelerates the process of entering and issuing information is the use of blockchain technology;
- certification services can be provided by banks, bankers, as well as various government agencies. True, this fact cannot yet fully solve the problem of the decentralization of the crypto network. It is the main factor for ensuring the operation of a project based on blockchain technology. In other words, certification centers remain the bottleneck of the cryptosystem. Therefore, because of them, system failures can occur inside the crypto site, slowing down the work of the entire project;
- Certification companies and structures have oversized authority, which can lead to their abuse. As a result, unscrupulous leaders of such structures can gain access to the confidential information of the participants of the crypto network;
- Another disadvantage of the site is that it does not offer any tools for crypto-mining the internal KEY token, which automatically cuts off a part of the user audience engaged in mining such digital assets. Therefore, the fact that this coin is not available where to mine limits the platform’s ability to quickly popularize among users.
SelfKey cryptocurrency will be able to increase its attractiveness for investors and ordinary users only after eliminating at least some of the existing problems.
